- 1 Work Package 4: Products, consumers and seafood market trends
Work Package 4: Products, consumers and seafood market trends
PRODUCT AND CONSUMER TRENDS
WP4 will analyse the impact of consumer behaviour, market trends, innovation and product development in the seafood market. Work undertaken will be carried out in close co-operation with industry partners and key stakeholders. As a first step, micro-economic tools will be used to analyse how factors such as income, own prices and prices of substitute goods affect the demand for the chosen species. For this purpose, complete and/or partial systems of demand will be estimated. Results will highlight fish consumption within the consumers' diets, depending on country and types of consumers and will be used to simulate the effects of various price policies. In a second stage, past and current consumer preference trends will be analysed and the acceptability of fish products examined by looking at consumption in local, niche and global markets. The specific area of demand stimulation or manipulation through health, label and certification claims on one hand and negative press reports on the other hand will be analysed quantitatively where possible and compared with consumer acceptability of products using Conjoint Analysis. Finally, a database of successes and failures in product development and consumer behaviour will be used as a background material for trend research, yielding insights into product innovation and which product characteristics best fit consumers’ preferences. The outcome of the WP will be an overview of current and future trends and consumer behaviour in local, European and international seafood markets (SO4).
D4.1 - Industry study cases report: A collection of marketing successes and failures in the World based on clever product innovation and/or marketing activities
Innovation is a ‘good, service or idea that is perceived by someone as new’. It is widely acknowledged that innovation is required for the growth of output and productivity and is also seen as a key to business success in a competitive environment. In 2012, the food and drink manufacturing industry in the European Union was the largest manufacturing sector in terms of value of the output with 15% of the total manufacturing turnover. However, it is widely perceived as not highly innovative. In addition, the commonly reported figures for new food product failure are between 70% and 90%. (Click title to read more)